DerekMember@derekJoin Date: 2004Post Count: 3,544
Caught this online article this morning and thought I would share it to assist those looking for a broker to assist them along the way.
A few questions missing for me – particularly for property investors.
1. Are you a property investor too?
2. How would you structure my loans? Why? (assumption being you have discussed you current situation and plans)
3. What is your position on cross collateralisation?
Just a few extras that quickly come to mind.jmsrachelParticipant@jmsrachelJoin Date: 2012Post Count: 711
Derek you make a good point about asking your broker if they are a property investor. The last 2 brokers I met weren’t property investors, in fact one of them was renting and still saving for a deposit. He was 36.
I think a good broker definitely needs a couple of IP’s under there belt.Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
It's hugely important to use a broker that walks the talk when it comes to property investing.
You can tell the brokers/bankers that invest from the ones that don't have a clue. It's something that will become apparent within 2 minutes of speaking with them. You don't need to go through a list of 10 or 20 questions to find out. Call them, have a chat, complete their fact find or client analysis form and see what sort of advice they offer up.
JamieRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
Totally agree and have said it so many times before.
Would you have confidence in undertaking major surgery from a Dr who had never performed an operation before.
You want a Broker who shares the same passion and desire as you and also can lead by example.
Jamie is so right if you can't assess whether your Broker knows what he / she is talking about in the first 5 minutes of a conversation then getting them to answer a 100 questions will do you know good.
Hate to say anyone who emailed me 20 questions would not get a reply.
Yours in Finance